Consultation outcome

Capping early exit charges for members of occupational pension schemes

From:: Department for Work and Pensions
Published: 26 May 2016
Last updated: 15 November 2016 — See all updates

Read the full outcome

Government response to the consultation on capping early exit charges for members of occupational pension schemes

PDF, 264 KB, 33 pages

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Detail of outcome

We published the government response to this consultation on 15 November 2016.

We received a total of 28 responses from a variety of pension schemes and representative bodies.

Original consultation

Consultation description

The pension freedoms introduced in April 2015 gave people with defined contribution pensions more options and flexibility about how they fund their retirement. Early exit charges can deter people from exercising these freedoms.

This consultation builds on the government’s earlier consultation on Pension transfers and early exit charges (July 2015) and considers what action is required to ensure equality of treatment for members of occupational pension schemes.

The consultation is aimed at:

pensions industry bodies and professionals
trustees and scheme managers
pension scheme members and beneficiaries
employers and representative organisations

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